ING

MKT CAP:$80B

ING Groep N.V.

Market Cap

$80B

Financial Services·Banks - Diversified·🇳🇱 Netherlands·NYSE

Financials·Banks·🇳🇱·NYSE

Stock Price

$27.91-$0.86 (-2.97%)

Apr 24, 2026

Company Details

ING Groep N.V., a financial institution, provides various banking products and services in the Netherlands, Belgium, Germany, Poland, Rest of Europe, North America, Latin America, Asia, and Australia. It operates in six segments: Retail Net...

CEO

Steven J. A. van Rijswijk

IPO Date

May 18, 1994

Website

www.ing.com

Key Metrics TTM

Revenue

$27.1B

+32.0% YoY

Net Income

$7.6B

EPS (Diluted)

$2.50

Free Cash Flow

$0

Revenue / Share

$9.30

Gross Margin

94.2%

Operating Margin

40.7%

Net Margin

28.2%

FCF Margin

0.0%

P/S

3.0x

P/E

10.5x

Earnings Reports

Q1 2026

May 1, 2026

PENDING

FY 2025

Feb 26, 2026

$26.9BEPS $2.48

Q4 2025

Feb 26, 2026

$6.8BEPS $0.56

Q3 2025

Oct 30, 2025

$6.8B-0.9%EPS $0.70

Q1 2025

Mar 31, 2025

$6.6B+220.6%EPS $0.55

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$5.3B	$4.5B	$1.2B
Q2 20	$11.4B	$9.9B	$633M
Q3 20	$5.0B	$4.5B	$1.4B
Q4 20	$4.9B	$4.6B	$1.2B
Q1 21	$5.5B	$5.2B	$1.7B
Q2 21	$9.8B	$9.9B	$2.4B
Q3 21	$5.4B	$5.4B	$2.2B
Q1 22	$5.4B	$4.2B	$781M
Q3 22	$5.2B	$4.7B	$1.6B
Q1 23	$6.5B	$6.3B	$2.7B
Q3 23	$6.8B	$6.6B	$3.4B
Q1 24	$2.1B	$1.8B	$2.7B
Q3 24	$6.9B	$6.5B	$3.1B
Q1 25	$6.6B	$6.2B	$2.5B
Q3 25	$6.8B	$6.5B	$3.0B
Q4 25	$6.8B	$6.4B	$2.4B

Valuation

Quarter	P/S	P/E
Q1 20	0.6x	4.5x
Q2 20	0.6x	7.3x
Q3 20	0.6x	9.0x
Q4 20	1.4x	12.8x
Q1 21	1.7x	14.1x
Q2 21	2.0x	11.1x
Q3 21	2.2x	10.7x
Q1 22	1.5x	7.8x
Q3 22	1.2x	6.5x
Q1 23	1.9x	8.6x
Q3 23	1.9x	7.7x
Q1 24	2.6x	7.5x
Q3 24	2.5x	6.9x
Q1 25	2.7x	7.6x
Q3 25	3.6x	10.3x
Q4 25	3.1x	10.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$0	$0
Q2 20	$0	$0
Q3 20	$0	$0
Q4 20	$0	$0
Q1 21	$0	$0
Q2 21	$0	$0
Q3 21	$0	$0
Q1 22	$0	$0
Q3 22	$0	$0
Q1 23	$0	$0
Q3 23	$0	$0
Q1 24	$0	$0
Q3 24	$0	$0
Q1 25	$0	$0
Q3 25	$0	$0
Q4 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	-3.7%	+5.9%
Q2 20	+113.4%	+208.1%
Q3 20	-7.3%	+13.5%
Q4 20	-77.6%	-81.9%
Q1 21	+4.3%	-7.3%
Q2 21	-14.3%	-31.7%
Q3 21	+8.4%	-11.6%
Q1 22	+10.3%	+25.9%
Q3 22	-6.2%	-6.4%
Q1 23	-33.4%	-48.8%
Q3 23	+25.7%	+9.3%
Q1 24	-61.8%	-113.6%
Q3 24	+34.0%	+6.9%
Q1 25	+1.2%	+9.0%
Q3 25	+0.2%	+10.7%
Q4 25	+229.8%	+792.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$22M	0.5%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q1 22	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q3 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q2 20	$1.7B
Q3 20	$1.7B
Q4 20	$2.1B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$153.6B	$98.9B	$252.5B
Q2 22	$147.4B	$106.0B	$253.4B
Q3 22	$157.9B	$119.0B	$277.0B
Q4 22	$102.0B	$77.5B	$179.5B
Q1 23	$138.0B	$106.6B	$244.6B
Q2 23	$132.9B	$116.3B	$249.2B
Q3 23	$136.5B	$124.1B	$260.6B
Q4 23	$105.1B	$79.2B	$184.3B
Q1 24	$114.7B	$52.3B	$167.0B
Q2 24	$113.5B	$52.6B	$166.1B
Q3 24	$117.1B	$51.9B	$169.0B
Q4 24	$81.8B	$52.4B	$134.1B
Q1 25	$110.0B	$53.7B	$163.7B
Q2 25	$88.3B	$56.6B	$144.9B
Q3 25	$96.9B	$60.7B	$157.5B
Q4 25	$61.8B	$62.5B	$124.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	3.90B	+1.9%	+0.5%
Q2 20	3.94B	+1.0%	+2.1%
Q3 20	3.90B	-1.0%	+1.5%
Q4 20	3.90B	+0.0%	+1.9%
Q1 21	3.90B	+0.1%	+0.1%
Q2 21	3.90B	+0.0%	-0.9%
Q3 21	3.90B	-0.0%	+0.1%
Q1 22	3.76B	-3.6%	-3.5%
Q3 22	3.73B	-1.0%	-4.6%
Q1 23	3.62B	-2.9%	-7.3%
Q3 23	3.56B	-1.7%	-8.9%
Q1 24	3.29B	-7.6%	-12.7%
Q3 24	3.20B	-2.6%	-14.1%
Q1 25	3.10B	-3.3%	-14.4%
Q3 25	2.96B	-4.4%	-16.8%
Q4 25	2.92B	-1.5%	-11.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$98.7K	53K
Q2 20	$213.7K	53K
Q3 20	$93.8K	53K
Q4 20	$487.4K	10K
Q1 21	$549.7K	10K
Q2 21	$978.0K	10K
Q3 21	$543.4K	10K
Q1 22	$430.2K	13K
Q3 22	$412.7K	13K
Q1 23	$158.8K	41K
Q3 23	$166.6K	41K
Q1 24	$44.7K	46K
Q3 24	$150.2K	46K
Q1 25	$188.3K	35K
Q3 25	$195.6K	35K
Q4 25	$1M	5K

Revenue / Employee